Disclosure according to sec. 34 b para. 1 German Securities Trading Act for company DF Deutsche Forfait:

In accordance with sec. 34 b para. 1 German Securities Trading Act and FinAnV, we point out that:

M.M.Warburg & CO KGaA holds more than 5% interest in the capital stock of this company.

M.M.Warburg & CO KGaA is serving as a liquidity provider for securities of this company on the basis of an existing designated sponsorship contract.

M.M.Warburg & CO KGaA or Warburg Research GmbH is party to an agreement with this company relating to the production of research recommendations.

M.M.Warburg & CO KGaA and affiliates are regularly trading securities issued by this company or securities based on these issues.

M.M.Warburg & CO KGaA or Warburg Research GmbH or the analyst covering this issue have other significant financial interests with respect to this company - for example holding a seat on the Boards of this company.

The boxes on the price and rating history chart indicate the date of the Equity Alert and Warburg Research GmbH's projected rating. Each box represents a date on which an analyst made a change to a rating, except for the first box, which may represent the rating in place at the beginning of the period or the first Alert written on the issue in the past 12 months.